Closing Bell Overtime: Navy Secretary Carlos Del Toro On Tensions With Iran & China, Global Trade and AI In The Military; Medtronic CEO Talks AI In Medical Devices 5/25/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 25 May 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Dow was lower for the fifth straight session but NVIDIA led the tech and the S&P 500 higher after blowout earnings. NZS Capital’s Brad Slingerlend and JPMorgan’s Mira Pandit broke down the market action along with earnings from Marvell, Autodesk, RH, Costco and Gap. The AI explosion is in full force; C3.AI CEO Tom Siebel talks what’s next for the industry. Telsey Advisory Group CEO Dana Telsey breaks down the retail scene right now as companies report stronger-than-expected margins. Virgin Galactic had its first successful space flight in nearly two years. Morgan spoke with Navy Secretary Carlos del Toro on the USS Wasp during Fleet Week in an exclusive interview talking global tensions, trade, AI in the Navy and more. Plus, Medtronic CEO Geoffrey Martha on AI in medical devices.

Transcript

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0:00.0	Well, it's Fleet Week and you can see it right there on Wall Street.
0:04.5	Tech and everything else today for the markets as
0:06.7	NVIDIA powers a big gain in the NASDAQ 100 which finished up almost 2.5%.
0:11.3	That is the scorecard on Wall Street, but the action is just
0:14.1	getting started. Welcome to Closing Bell Overtime. I'm Morgan Brenner with John Fort. We've got another big
0:19.2	hour of earnings on the Plus we'll talk about the supercharged moves for companies dealing in artificial
0:34.9	intelligence following NVIDIA's blockbuster earnings in overtime yesterday.
0:40.4	And we're joined by the CEO of C3 AI.
0:43.4	Yeah, well let's get straight into today's market action.
0:45.9	Joining us now, our Mira Pandit from J.P. Morgan Asset Management and
0:49.0	Brad S.
0:50.3	Lingerland from NZS. Capital, Good afternoon to you both.
0:52.9	Mira, I'll start with you.
0:54.7	Your take on just the incredible move we saw in NVIDIA today
1:00.6	and what it did to power all things AI related whether it's other
1:04.2	semi stocks or the mega cap tech peers like Microsoft like Amazon like others
1:10.1	that that led the gains for the S&P in the NASDAQ today.
1:14.3	We're becoming more constructive on areas within tech.
1:17.2	We've seen a really sharp rally, but I think what differentiates what's going on in tech
1:21.2	now as opposed to a few months ago is the fact that
1:24.2	we're seeing it's not just a macro story driven by rates or driven by recession
1:29.2	one way or the other but it's really about the fundamentals You're seeing that a lot of these tech
	...

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